No Tags Found!

raju.muneshwar228@gmail.com
Dear sir, i want to know about calculation of ex-gracia bonus & calculation of bonus if possible give me details of it. avaiting reply thanks & regards
From India, Aurangabad
abbasiti
517

To calculate bonus, first arrive available surplus by deducting Tax, depreciation, developmental rebate etc. on gross profit. (Better you consult an expert in this regard). Find allocable surplus which is 67% of available surplus for companies and 60% for Banking Institutions. Distribute this allocable surplus among the eligible employees, subject to the following restrictions.

If the allocable surplus is sufficient for 20% or more, maximum bonus is 20%. If any excess, it can be carried forward (up to a maximum of another 20%) to next four years, which is called Set On. If allocable surplus is 8.33% or below, bonus payment will be 8.33%. Balance amount can be adjusted from next four years called Set Off. If allocable surplus is in between 8.33% and 20%, the actual percentage has to be paid.

Please note that 8.33% is the percentage form of 1/12. Accordingly it is one month payment for one year. Similarly 20% is equivalent to 2.4 times of salary.

EX-gratia is not statutory. It is the payment beyond ceiling or to the employees beyond coverage limit. I

Abbas.P.S

From India, Bangalore
abbasiti
517

Pleas go to any PF pension related thread and raise your doubts. Site : citeHR/tags/pension Abbas.P.S
From India, Bangalore
sanjay.raju
Dear Team,
I saw one hr manager wrote the process of bonus to be caluclated basic salary on 3500 if the below 3500 employees what can we do can u please tell me the actula process of pay the bonus basic ? i saw in cite hr mentioned as 2500 which one is correct 3500 or 2500.
Regars
Sanjay

From India, Hyderabad
abbasiti
517

The maximum salary to calculate bonus is Rs. 3500 and for coverage is Rs. 10,000. If the salary is below Rs. 3500, the actual salary will be taken into account for bonus calculation. Prior to 2006-07, the maximum salary to calculate bonus was Rs. 2500.
Abbas.P.S

From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.